As of 2012, the foreign-born population accounted for about 13 percent of the total U.S. population, up from only about 5 percent in 1960. What are the prospects for homeownership of the foreign born? Data indicate the majority of the foreign-born become homeowners. Foreign-born home ownership is at par with the homeownership rate of native-born U.S. citizens.
The prospects for home ownership of the foreign-born are bright because they are generally well-educated and comparably earn higher incomes.
What this means to REALTORS®: Increasing contact with the foreign-born is becoming more critical given the increasing presence of the foreign-born and their sound prospects for home ownership. Information on the characteristics of the foreign-born is available at http://www.realtor.org/reports/state-by-state-international-business-reports
Properties are starting to stay on the market longer. The median days on the market reported by REALTORS® responding to a survey about their transactions in September 2013 indicated an increase in the median days on the market to 50 days (from 43 days in August).
Higher mortgage rates, a slow economic and job recovery, and strict mortgage underwriting standards are reported as causing some of the slowdown.
Short sales were on the market for 93 days compared to foreclosed properties at 43 days and non-distressed properties at 49 days.
What does this mean for REALTORS®? Real estate markets appear to have slowed somewhat but continue to be in relatively good condition.
About 64 percent of international clients typically buy detached single-family homes, which they intend to use for primary residence and for longer than six months. This information is based on the National Association of REALTORS® 2013 Profile of International Home Buying Activity, which captures transactions of REALTOR® respondents with international clients in the 12 months ended March 2013.